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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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LLP FORMATIONS NO 70 LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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LLP FORMATIONS NO 70 LLP |
LLP FORMATIONS NO 70 LLP (REGISTERED NUMBER: OC358382) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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General Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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LLP FORMATIONS NO 70 LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Business Advisers and Accountants |
Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
LLP FORMATIONS NO 70 LLP (REGISTERED NUMBER: OC358382) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,200,505 |
1,200,005 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
1,200,505 |
1,200,005 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 1,200,505 | 1,200,005 |
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The members acknowledge their responsibilities for: |
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ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
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preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
LLP FORMATIONS NO 70 LLP (REGISTERED NUMBER: OC358382) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the members of the LLP on
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LLP FORMATIONS NO 70 LLP (REGISTERED NUMBER: OC358382) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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LLP Formations No 70 LLP is registered in England and Wales. The LLP's registered number and registered office |
address can be found on the General Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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INVESTMENT PROPERTY |
Investment Properties are held at cost value which is equivalent to the market value as on balance sheet date. |
LLP FORMATIONS NO 70 LLP (REGISTERED NUMBER: OC358382) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENT |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other |
Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognized in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there |
is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest method |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value |
of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one |
year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are |
classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future payment discounted at a |
market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognized |
initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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3. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 April 2018 |
and 31 March 2019 |
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Net book value |
At 31 March 2019 |
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At 31 March 2018 |
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LLP FORMATIONS NO 70 LLP (REGISTERED NUMBER: OC358382) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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5. | ULTIMATE CONTROLLING PARTY |
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Dr J J Stewart is the ultimate controlling party. |